Do not give image format Required information[The following information applies to the questions displayed below.)Patel and Sons Inc. uses a standard cost system to apply factory overhead costs to units produced. Practical capacity forthe plant is defined as 50,700 machine hours per year, which represents 25,350 units of output. Annual budgeted fixedfactory overhead costs are $253,500 and the budgeted variable factory overhead cost rate is $2.20 per unit. Factoryoverhead costs are applied on the basis of standard machine hours allowed for units produced. Budgeted and actualoutput for the year was 18,700 units, which took 39,700 machine hours. Actual fixed factory overhead costs for the yearamounted to $248,300 while the actual variable overhead cost per unit was $2.10.Based on the information provided above, provide the correct summary journal entries for actual and applied factory overhead costs(both variable and fixed) for the year. Assume that the company uses a single account, Factory Overhead, to record both actual andapplied factory overhead. Also, assume that the only variable overhead cost was electricity and that actual fixed overhead consisted ofdepreciation of $153,000 and supervisory salaries of $95,300 Finally, assume that both electricity expense and the supervisorysalaries expense have been incurred but not yet paid (i.e., both are current liabilities). (Do not round intermediate calculations. Roundyour final answers to nearest whole dollar amount. If no entry is required for a transaction/event, select "No journal entryrequired" in the first account field.)View transaction listJournal entry worksheetA BRecord the actual overhead costs. !Required information[The following information applies to the questions displayed below.]Patel and Sons Inc. uses a standard cost system to apply factory overhead costs to units produced. Practical capacity forthe plant is defined as 50,700 machine hours per year, which represents 25,350 units of output. Annual budgeted fixedfactory overhead costs are $253,500 and the budgeted variable factory overhead cost rate is $2.20 per unit. Factoryoverhead costs are applied on the basis of standard machine hours allowed for units produced. Budgeted and actualoutput for the year was 18,700 units, which took 39,700 machine hours. Actual fixed factory overhead costs for the yearamounted to $248,300 while the actual variable overhead cost per unit was $2.10.Based on the information provided above, provide the correct summary journal entries for actual and applied factory overhead costs(both variable and fixed) for the year. Assume that the company uses a single account, Factory Overhead, to record both actual andapplied factory overhead. Also, assume that the only variable overhead cost was electricity and that actual fixed overhead consisted ofdepreciation of $153,000 and supervisory salaries of $95,300 Finally, assume that both electricity expense and the supervisorysalaries expense have been incurred but not yet paid (l.e., both are current liabilities). (Do not round intermediate calculations. Roundyour final answers to nearest whole dollar amount. If no entry is required for a transaction/event, select "No journal entryrequired" in the first account field.)View transaction listJournal entry worksheet< ARecord the overhead costs applied to production.

Name: Do not give image format Required information[The following informatio
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Do not give image format Required information[The following information applies to the questions displayed below.)Patel and Sons Inc. uses a standard cost system to apply factory overhead costs to units produced. Practical capacity forthe plant is de